Newsletter Mar 27, 2024

Quick Six

Biden vows full support to rebuild collapsed Baltimore bridge
President Joe Biden on Tuesday pledged unwavering federal support for the reconstruction of the devastating collapse of the Francis Scott Key Bridge in Baltimore. The bridge's destruction occurred in the early Tuesday morning when a Singapore-flagged cargo ship crashed into it after experiencing a power failure. Search and rescue operations continued, with the focus on the construction crew working on the bridge at the time of its collapse.
THE ECONOMIC IMPACT OF THE KEY BRIDGE COLLAPSE

Visa, Mastercard reach landmark settlement to reduce fees
Visa and Mastercard reached a landmark settlement Tuesday aimed at reducing credit card interchange fees. The agreement will see the companies cap credit interchange fees until 2030. The value of the savings in fees is estimated to be close to $30 billion. This settlement stems from a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards.
SEE WHY IT TOOK NEARLY TWO DECADES FOR THE DEAL

Trump's net worth soars amid Truth Social media merger
Former President Donald Trump finds himself in a financial windfall as his net worth skyrockets, propelled by a recent merger involving his social media venture. Trump's net worth surged by over $4 billion in recent days, reaching an estimated $6.5 billion, according to Bloomberg's Billionaires Index. The surge in Trump's wealth follows a merger with Digital World Acquisition Corp.
HOW STOCK SHARES ARE SURGING TRUMP'S NET WORTH

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Markets

DJIA	39,282.33	-0.08%
S&P 500	5,203.58	-0.28%
Nasdaq Composite	16,315.70	-0.42%
Japan: Nikkei 225	40,398.03	-0.04%
UK: FTSE 100	7,930.96	0.17%
Crude Oil Futures	81.24	-0.47%
Gold Futures	2,177.50	0.01%
Yen	151.52	-0.03%
Euro	1.08	0.03%
* As of market close

Austin warns Israeli counterpart about Gaza

US Defense Secretary Lloyd Austin told his Israeli counterpart Yoav Gallant on Tuesday that civilian casualties in Gaza are "too high" and suggested alternatives to a major Israeli operation. A separate Israeli delegation had planned to visit Washington to discuss US concerns over Prime Minister Benjamin Netanyahu's plans to launch an assault on Rafah, where much of Gaza's population has sought refuge. But Israel scrapped that visit after the US abstained in a Monday vote on a UN Security Council resolution that called for a Gaza ceasefire.

AUSTIN'S HARSH WORDS OF WARNING ABOUT GAZA OVERKILL

EU cracks down on big tech's AI deepfakes

The EU called on Facebook, TikTok and other tech titans on Tuesday to crack down on deepfakes and other AI-generated content by using clear labels ahead of Europe-wide polls in June. The recommendation is part of a raft of guidelines published under a landmark content law by the European Commission for digital giants to tackle risks to elections including disinformation. The EU has unleashed a string of measures to clamp down on big tech, mostly regarding AI and content moderation.

SEE HOW THE EU'S NEW LAW AIMS TO CONTROL TECH TITANS

Florida law bans under 14 from social media

Florida Governor Ron DeSantis formally signed legislation that prohibits children under the age of 14 from joining social media platforms within the state. It also means kids aged 14 or 15 will be required to obtain parental consent before accessing such platforms. HB3, the bill signed by Governor DeSantis, mandates social media companies to remove existing accounts of children under 14.

SEE HOW THE STATE PLANS TO USE FINES FOR COMPLIANCE

Extra point

Name five of the six states where residents can legally drive at age 14?

Tuesday's answer: Ida May Fuller of Ludlow, VT, was the first American to collect Social Security. Her check for $22.54 was dated Jan. 31, 1940.

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